Question 1

Can I use a VA loan on a $2 million home in San Mateo?

Accepted Answer

Yes, if your income supports the payment. VA loans have no maximum amount, though lenders verify you can afford the full debt load.

Question 2

Do sellers in San Mateo accept VA offers?

Accepted Answer

They do when you're pre-approved with your COE in hand and can close in under 25 days. Strong financing beats weak all-cash offers here.

Question 3

What if the VA appraisal comes in low?

Accepted Answer

You can renegotiate the price, bring extra cash to cover the gap, or walk away. We see this less in San Mateo than in overheated markets.

Question 4

How much are closing costs on a VA loan here?

Accepted Answer

Expect 1-1.5% of loan amount, though sellers can pay up to 4% of your costs. On a $1.5M loan, that's $15,000-22,500 unless negotiated.

Question 5

Can I buy a fixer-upper with a VA loan in San Mateo?

Accepted Answer

Only if it meets VA minimum property standards at closing. Major repairs need completion before funding, or you'll need a renovation loan product.

Question 6

Does the VA funding fee apply to disabled veterans?

Accepted Answer

No. Veterans with any service-connected disability rating pay zero funding fee, saving 2.15% on the loan amount at closing.

VA Loans in San Mateo: Zero Down in One of California's Toughest Markets